Microeconomics Essentials You Must Know 📘

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In this video, I cover all the concepts for an introductory microeconomics course and AP course. I go super fast so don't take notes. Focus on the big picture ideas, identify what you still need to practice, and go back and watch my Unit Summary videos.

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I cover scarcity, opportunity costs, the PPC, comparative advantage, demand, supply, ceilings, floors, shifts, elasticity, taxes, consumer surplus, consumer choice, costs of production, perfect competition, monopolies, oligopolies, monopolistic competition, labor markets and firms, monopsonies, public goods, externalities, and the Lorenz curve. Wow! That's a lot. Get ready. Here we go!!!!!!!!!!!!!

Thank you to Austin for organizing the following:

Unit 1
1:00 Basics
1:13 PPC
2:17 Absolute & Comparative Advantage
3:07 Circular Flow Model

Unit 2
4:04 Demand & Supply
5:26 Substitutes & Compliments
5:36 Normal & Inferior Goods
5:46 Elasticity
7:35 Consumer & Producer Surplus
7:52 Price Controls, Ceilings & Floors
8:37 Trade
9:08 Taxes
9:56 Maximizing Utility

Unit 3
11:03 Production, Inputs & Outputs
11:16 Law of Diminishing Marginal Returns
11:36 Costs of Production
13:00 Economies of Scale
13:37 Perfect Competition
14:25 Profit-Maximizing Rule, MR=MC
15:20 Shut down Rule
16:05 Accounting & Economic Profit
16:30 Short-Run, Long-Run
16:56 Productive & Allocative Efficiency

Unit 4
18:02 Monopoly
18:53 Natural Monopoly
20:01 Price Discrimination
20:22 Oligopoly
20:31 Game Theory
20:42 Monopolistic Competition

Unit 5
21:51 Derived Demand
22:07 Minimum Wage
22:19 MRP & MRC
22:52 Labor Market
23:30 Monopsony
24:05 Least-Cost Rule

Unit 6
25:11 Market Failures
25:27 Public Goods
26:00 Externalities
27:21 Lorenz Curve
27:44 Gini Coefficient
27:53 Types of Taxes

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